Summary

The role of proxy advisory firms in the marketplace has grown dramatically and has been the subject of considerable and increasing discussion and comment. On June 21, 2012, the Canadian Securities Administrators (the “CSA”) joined the debate, issuing a detailed consultation paper outlining the functions served by proxy advisors, the concerns raised by capital markets participants and possible regulatory responses. The CSA’s accompanying request for comment invites feedback on both the need for regulatory oversight as well as the form such regulation might take.